Binance Chain Surpasses Ethereum on This Metric
The number of unique addresses on the BNB blockchain has grown to such an extent that the network now surpasses the second largest cryptocurrency by market capitalization, Ethereum (ETH).
In an announcement shared by the developers of BNB Chain, they claim that because of this increase, they are “the largest Layer 1 blockchain network in the world”. Data from BNB Chain’s blockchain tracker shows that the network has over 230 million unique addresses, surpassing the 217 million unique addresses seen on the Ethereum blockchain.
BNB Chain has made significant strides in onboarding the next billion users into #Web3 in 2022. 🎉
We want to thank our incredible community for coming along for the ride as we lay the groundwork for an even bigger year to come. 🚀
Further details ⤵️https://t.co/9jNFdVeoZ3 pic.twitter.com/QjxL3ey759
— BNB Chain (@BNBCHAIN) December 22, 2022
Bitcoin’s network is still the largest layer one (L1) blockchain in the world, with over 1 billion unique addresses. However, the growth of the BNB chain has been significant as it has surpassed Ethereum, which has a much larger and more developed ecosystem.
BNB Chain’s developers highlighted a number of other statistics about the network, including that it reached an upper limit of 9.8 million transactions per day in May and that it managed to reach 2.2 million active users per day in October. Daily active users on the network are defined as unique addresses interacting with smart contracts per day.
The network’s growth has been driven by a number of factors, including the introduction of sidechains to further support resource-intensive applications, among other performance improvements. The project team also noted that it has funded builders on the network with grants and created a $10 million incentive program for decentralized app developers who have attracted more users through their creations.
Additionally, the network launched Avenger DAO, an API that alerts BNB Chain users when they interact with contracts that have been flagged as malicious.
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Binance Chain’s native token, BNB, is regularly burned by leading cryptocurrency exchange Binance. The token was originally sold in an initial coin offering (ICO) to fund Binance’s development, and as mentioned in its white paper, Binance will use its proceeds to burn tokens until the supply in circulation drops to 100 million.
In October, Binance announced that in its last quarterly BNB token burn it destroyed more than 2 million tokens, which at the time were worth more than $575 million.
According to Binance’s announcement, a total of 2,065,152.42 BNB were burned in the latest quarterly burn, with a total of 4,833.25 tokens coming from the exchange’s Pioneer Burn Program.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
